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Sumitomo Mitsui Joins Fray to Buy Indonesia’s Panin Bank, Sources Say

  • SMFG to compete against MUFG as they seek to acquire Panin
  • Japan lenders are conducting due diligence as they weigh bids
Updated on

Sumitomo Mitsui Financial Group Inc. is considering a rival bid for PT Bank Pan Indonesia, people familiar with the matter said, amid fierce competition between Japan’s biggest lenders to expand in Southeast Asia’s largest economy.

Sumitomo Mitsui is competing against suitors including bigger rival Mitsubishi UFJ Financial Group Inc. to acquire a controlling stake in the Jakarta-based lender known as Panin Bank, the people said, asking not to be identified because the matter is private. The Tokyo-based firms are among those working with advisers and conducting due diligence as they weigh binding bids, the people said.